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NEW YORK (CNNMoney)
And a U.S. Federal Reserve policy meeting is injecting some uncertainty into the markets.
U.S. stock futures were in the red, following a relief rally Monday that saw stock markets surge.
The Dow rose more than 1% Monday, snapping a five-day losing streak. The S&P 500 gained 1% and Nasdaq advanced 0.8%.
But concerns remain that the situation in Ukraine will continue to dominate the headlines, putting further strains on Russia's relationship with the U.S. and Europe. Russia is not backing away from plans to annex Ukraine's Crimea region despite targeted sanctions announced Monday.
Investors are also monitoring Janet Yellen's first meeting in charge of the Fed. The meeting, which kicks off Tuesday and concludes Wednesday, is expected to change the central bank's economic goalposts and continue winding down its stimulus program.
Related: Fear & Greed Index
"An expectation that the Federal Reserve will subtract an additional $10 billion from the current quantitative easing program has led to a notably softer start [in equities]," explained Brenda Kelly, chief market strategist at trading firm IG.
In other economic news, the U.S. government will publish home construction numbers from February, as well as the consumer price index, at 8:30 a.m. ET.
On the corporate front, Hertz (HTZ, Fortune 500) and DSW (DSW) will report earnings before the bell. Oracle (ORCL, Fortune 500), Adobe Systems (ADBE), SolarCity (SCTY) and Pacific Sunwear (PSUN) will report after the close.
Related: CNNMoney's Tech30
The major European markets were all declining in morning trading. Germany's Dax was off by roughly 0.6%.
Asian markets moved higher Tuesday, taking their cue from the Monday rally in the U.S. Japan's Nikkei made the biggest move higher, rising by nearly 1%.
First Published: March 18, 2014: 6:16 AM ET
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